Sandoz Group (SDZ.SW)

Executive Summary

Sandoz Group (SDZ.SW), spun off from Novartis in 2023, is a global leader in generics and biosimilars, with a focus on expanding patient access to off-patent medicines. The company's portfolio spans over 1,500 products across more than 100 markets, anchored by a robust pipeline of 129 candidates, including high-value biosimilars in oncology, immunology, and ophthalmology. Sandoz benefits from a strong manufacturing network and commercial infrastructure, positioning it to capitalize on upcoming patent expirations of blockbuster biologics. The spin-off has allowed Sandoz to operate with increased strategic agility, targeting cost-effective solutions for healthcare systems under cost-containment pressure. Looking ahead, Sandoz is poised for growth driven by key biosimilar launches and regulatory milestones. The company's conviction score of 78 reflects its solid market position, diversified pipeline, and potential to capture significant market share as major biologics lose exclusivity. Key upcoming catalysts include U.S. FDA approval of its ustekinumab biosimilar, European launch of its aflibercept biosimilar, and progress on its high-concentration ranibizumab biosimilar for neovascular AMD. Successful execution could drive revenue acceleration and margin expansion, positioning Sandoz as a leading pure-play generics and biosimilars company.

Upcoming Catalysts (preview)

• Q3 2026FDA approval of Sandoz's ustekinumab biosimilar (SDZ-UST) for plaque psoriasis75% success
• Q1 2027EMA approval of Sandoz's aflibercept biosimilar (SDZ-AFL) for wet AMD and diabetic macular edema70% success
• Q4 2026European launch of Sandoz's ranibizumab biosimilar (SOK583A1) for nAMD80% success